MUMBAI (NewsRise) -- Billionaire Mukesh Ambani's Reliance Industries reported a 19% rise in first-quarter net income, beating market expectations, as the protracted slump in crude oil prices boosted margins for the energy-to-retail conglomerate's refining businesses to its highest in eight years.
Standalone net income rose to 75.48 billion rupees ($1.13 billion) in the quarter ended June 30, from 63.69 billion rupees a year earlier, the company said in a statement on Friday. Brokerage IDBI Capital had expected the company to report a profit of around 66.88 billion rupees.
